Oil Industry Headlines: Week of November 23
U.S. consumers may see a significant spike in fuel prices after a major pipeline explosion in Clearbrook, Minnesota. Two workers were killed, and over one million barrels of Canadian crude per day have been shut off. The cause of the explosion is not yet known. According to Reuters, “There was no word on when line 4, the biggest of the connected pipes, which ships nearly 700,000 barrels per day (bpd), would restart. Line 3, with capacity of nearly 450,000 barrels per day (bpd) had been shut earlier to inspect a leak and was also still out of action.” Several weeks after the central government in Baghdad threatened to blacklist any company that signed “illegal” contracts with the Kurdistan Regional Government in northern Iraq, Kurdish regional oil minister Ashti Abdullah Hawrami travelled to the U.S. to finalize more oil exploration agreements. “We don’t need his approval. Every time we hear the word ‘illegal,’ we sign two more contracts,” said Hawrami according to the Washington Post.Published Friday, November 30th, 2007 at 5:16 pm and filed under Industry News.